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Avid delays Q4 report, shares tumble

BURLINGTON (AP) -- Shares of Avid Technology Inc. tumbled Monday after the company said it was indefinitely postponing a quarterly earnings announcement while it evaluates its accounting.

Avid Technology had been scheduled to release fourth-quarter earnings on Tuesday and hold a conference call for investors. But the company announced Monday morning that it is postponing the earnings report and is unable to estimate when its accounting evaluation will be completed.

Avid Technology said it was evaluating "current and historical accounting treatment related to bug fixes, upgrades and enhancements to certain products which the company has provided to certain customers."

The company said it became aware that it needed to examine its accounting during its normal review of financial results for the fourth quarter and 2012.

Avid, which was formerly based in Tewksbury, makes equipment and software for digitally recording music and video. The technology is used to make feature films, music recordings, television shows, live concert tours and news broadcasts.

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